Mills Corporation acquired as a long-term investment $220 million of 7% bonds, dated July 1, on July 1, 2024. Company management to hold the bonds in its trading portfolio. The market interest rate (yield) was 5% for bonds of similar risk and maturity. Mills paid $240.0 million for the bonds. The company will receive interest semiannually on June 30 and December 31. As a result of changing market conditions, the fair value of the bonds at December 31, 2024, was $210.0 million. Required: 1. & 2. Prepare the journal entry to record Mills investment in the bonds on July 1, 2024 and interest on December 31, 2024, at the effective (market) rate. 3. Prepare the journal entry by Mills to record any fair value adjustment necessary for the year ending December 31, 2024. 4. Suppose Moodys bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on January 2, 2025, for $250 million. Prepare the journal entries required on the date of sale